Monsanto said its corn seed and traits revenue fell 7.5% to $1.05 billion last quarter, while sales of soybean seeds jumped almost 16% to $267 million.

"The first quarter demonstrated that our business performance is squarely on track with several key milestones and that we have the right growth strategy in place," Monsanto CEO Hugh Grant said in a statement.

Looking ahead, Monsanto reaffirmed its call for fiscal 2014 EPS of $5.00 to $5.20 on free cash flow of $600 million to $800 million. By comparison, analysts have been calling for EPS of $5.25.

Shares of St. Louis-based Monsanto dipped 0.20% to $113.01 in premarket trading Wednesday morning. Monsanto shares have rallied about 15% over the past 12 months, underperforming the broader markets.

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U.S. stocks ended down on Tuesday in a retreat from the previous session's sharp rally as energy shares declined and the dollar edged up, but the S&P 500 and Nasdaq registered their ninth straight quarterly rise.